Cash-flush Naspers has invested $89m (R1.1bn) in a Berlin-headquartered online used-car marketplace. It said last week the venture capital arm of its OLX classifieds business had participated in the C series funding round of Frontier Car Group (FCG). FCG, which operates in six countries, would use the funds and OLX Group’s global footprint "to fuel its expansion into new territories and enhance its instant cash services for users", Naspers said. FCG’s brands include VendeTuAuto in Mexico, BeliMobilGue in Indonesia, and CarFirst in Pakistan. It was expected to facilitate car deals worth about $250m in 2018, Naspers said. "The growth since our foundation in 2016 is testament to a market ripe for disruption," said Sujay Tyle, CEO of FCG. "This partnership provides us with the platform and global presence that we need to become the leading used car marketplace across high-growth markets," Tyle said. OLX Group’s brands include AutoTrader and Property24 in SA and Autovit.ro in Romania. Al...
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